Differentiate between free trade area and customs union

What will be an ideal response?


A free trade area is a group of states that have reduced or eliminated tariffs among themselves but that maintain their own individual tariffs in dealing with other states. Whereas, a customs union is a group of states that have reduced or eliminated tariffs among themselves and have also established a common external tariff.

Business

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Which of the following strategic market plans is more likely to occur in the latter stages of a product-market life cycle and is often designed to protect important share positions and be a large contributor to short-run sales revenues and profits?

A) disintermediation strategies B) defensive strategies C) offensive strategies D) centralization strategies E) decentralization strategies

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The Employer's Quarterly Federal Tax Return is

a. Circular E; b. Form W-2; c. a report of federal, Social Security, and Medicare tax withholdings; d. a report of each employee's wages; e. all of these

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Single-issue negotiations and the absence of a long-term relationship with the other party are the strongest drivers of ________-value (distributive) strategies.

Fill in the blank(s) with the appropriate word(s).

Business

Which of the following is NOT a type of consumer sales promotion?

A) advertising allowance B) point-of-purchase display C) loyalty program D) trial offer E) coupon

Business